Polar Asset Management Partners Inc. Buys Shares of 312,500 Freshworks Inc. (NASDAQ:FRSH)

Polar Asset Management Partners Inc. bought a new stake in Freshworks Inc. (NASDAQ:FRSH) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 312,500 shares of the company’s stock, valued at approximately $5,053,000. Polar Asset Management Partners Inc. owned approximately 0.10% of Freshworks at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Avion Wealth purchased a new position in Freshworks in the fourth quarter valued at about $26,000. Blue Trust Inc. increased its holdings in Freshworks by 32.2% in the fourth quarter. Blue Trust Inc. now owns 3,918 shares of the company’s stock valued at $63,000 after buying an additional 954 shares in the last quarter. National Bank of Canada FI increased its holdings in Freshworks by 1,385.8% in the fourth quarter. National Bank of Canada FI now owns 3,967 shares of the company’s stock valued at $64,000 after buying an additional 3,700 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Freshworks by 102.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company’s stock valued at $71,000 after buying an additional 2,223 shares in the last quarter. Finally, Covestor Ltd increased its holdings in Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company’s stock valued at $76,000 after buying an additional 1,087 shares in the last quarter. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Stock Performance

Shares of NASDAQ FRSH opened at $15.48 on Friday. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77. The firm’s 50 day moving average price is $14.11 and its 200 day moving average price is $15.62. The firm has a market cap of $4.57 billion, a P/E ratio of -48.38 and a beta of 0.97.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The company had revenue of $196.27 million for the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. Freshworks’s revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. As a group, equities analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on FRSH. Piper Sandler reiterated an “overweight” rating and issued a $22.00 price target (up from $20.00) on shares of Freshworks in a research report on Wednesday, April 30th. Oppenheimer lowered their price target on shares of Freshworks from $24.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. StockNews.com upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Jefferies Financial Group lowered their price target on shares of Freshworks from $22.00 to $20.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Finally, Scotiabank increased their price target on shares of Freshworks from $14.00 to $18.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Freshworks currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.21.

Insiders Place Their Bets

In other Freshworks news, insider Mika Yamamoto sold 2,859 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.74, for a total transaction of $47,859.66. Following the transaction, the insider now owns 615,893 shares of the company’s stock, valued at $10,310,048.82. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $15.41, for a total transaction of $72,195.85. Following the transaction, the director now directly owns 37,895 shares in the company, valued at approximately $583,961.95. This represents a 11.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,871 shares of company stock valued at $629,278 over the last quarter. Company insiders own 19.15% of the company’s stock.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.